1 August 2024
Volex plc
("Volex", the "Company", or the "Group")
AGM Statement
Positive start to the new financial year
Volex plc (AIM: VLX), the specialist integrated manufacturer of critical power and data transmission products, is pleased to report a trading update for the three months ended 30 June 2024, ahead of the Company's annual general meeting, being held at 2.00 pm today.
Continued trading momentum
The Group's trading performance in the first quarter of FY2025 has remained in line with management's expectations with the positive momentum outlined at the Group's FY2024 results continuing into the new financial year.
As anticipated, the Group has delivered an encouraging start to the new financial year with year-on-year constant currency organic revenue growth of 9.0% driven by particularly strong performances in the EV and Data Centre sectors. Murat Ticaret is trading well year to date in its first full year of ownership, supplementing strong year-on-year organic growth in the Off-Highway market.
Investing for growth
The Group has continued to make targeted capital and operational investments to enhance capacity and capability in key locations. This includes the completion of the site expansions in Mexico, India and Indonesia, with further expansion in Türkiye due to complete in the coming months. This additional capacity allows the Group to support a range of customers who are reconfiguring their supply chains to localise production and mitigate risk.
Outlook
The Group's encouraging performance in the first quarter, combined with the ongoing investment plans, improving market backdrop in key sectors and continued integration of Murat Ticaret, gives the Board confidence in Volex's ability to make further progress against its strategy during the year and deliver on its expectations.
-ENDS-
For further information please contact:
Volex plc +44 7747 488785
Nat Rothschild, Executive Chairman investor.relations@volex.com
Jon Boaden, Chief Financial Officer
Peel Hunt LLP - Nominated Adviser & Joint Broker +44 20 7418 8900
Ed Allsopp
Dom Convey
Ben Harrington
HSBC Bank plc - Joint Broker +44 20 7991 8888
Simon Alexander
Joe Weaving
Stephanie Cornish
Sodali & Co - Media Enquiries +44 20 7250 1446
James White
Nicholas Johnson
About Volex plc
Volex plc (AIM:VLX) is a driving force in integrated manufacturing for mission-critical applications and a global leader in power and data connectivity solutions. Our diverse operations support international blue-chip customers in five key sectors: Electric Vehicles, Consumer Electricals, Medical, Complex Industrial Technology and Off-Highway. Headquartered in the UK, we orchestrate operations across 28 advanced manufacturing facilities, uniting over 14,000 dynamic individuals from 25 different nations. Our extraordinary products find their way to market through our localised sales teams and authorised distributor partners, supporting Original Equipment Manufacturers and Electronic Manufacturing Services companies across the globe. In a world that grows more digitally complex by the day, customers trust us to deliver power and connectivity that drives everything from household essentials to life-saving medical equipment. Learn more at www.volex.com.
Forward looking statements
This announcement contains certain forward-looking statements which have been made by the Directors in good faith using information available up until the date they approved the announcement. Forward-looking statements should be regarded with caution as by their nature such statements involve risk and uncertainties relating to events and circumstances that may occur in the future. Actual results may differ from those expressed in such statements, depending on the outcome of these uncertain future events.
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